Property and debt division in Virginia are complex areas of family law. This phase of a divorce case is referred to as “equitable distribution”. The division of marital property and marital debt is typically the most complex and time-consuming part of a divorce, and it is often the most hotly contested issue as well.
Since 1981, the property and debt division attorneys at Wexell Milman have been achieving excellent property and debt division results on behalf of our clients in Fairfax County and Northern Virginia. We understand family law in Virginia and how it tends to be applied by our Courts. We are experienced in all aspects of the property and debt division process, and we have an extensive network of professionals with whom we work to value and/or classify our clients’ property.
Outside of Court, divorcing spouses are free to agree in writing to just about any arrangement to divide marital assets and debts they want. However, marital property and debt division in a contested divorce is governed by the principles of equitable distribution in Virginia. A Court order to divide marital assets and debts in a certain way will be based on what is equitable under the circumstances after consideration of numerous statutory factors – not necessarily an equal division.
In contested and uncontested divorce cases alike, there are tremendous benefits to having an experienced family law attorney represent you.
Working with expert consultants and witnesses as needed, our family law attorneys conduct an exhaustive inventory of each party’s assets and debts and determine whether they should be classified as separate, marital, or hybrid (part marital and part separate) property. The next step is to establish the value of the assets and debts that are subject to division. This may involve working with business valuation specialists, real estate appraisers, or other financial experts, and includes the consideration of separate property which increased in value during the marriage.
At Wexell Milman, our property and debt division attorneys also consider tax issues and other factors that need to be accounted for in any final agreement or court order. Often, this level of thoroughness pays off in the form of a favorable out-of-court property settlement or court order following a trial.
Our firm also offers assistance to domestic (non-married) partners in dividing jointly owned property – either in-kind (where the property is split into two separately-owned properties) or by sale (where an in-kind division is not feasible or practical, and the Court orders the asset or property to be sold instead). In legal terms, this is known as a “partition action”.
For answers to specific questions you have about property and debt division in Virginia – including marital property, marital debt, partition actions, or how the principles of equitable distribution pertain to your situation – call 703-385-3858 to schedule an initial consultation or contact us online.